Question

In: Statistics and Probability

With a certain medical insurance​ policy, the customer must first pay an annual ​$100 ​deductible, and...

With a certain medical insurance​ policy, the customer must first pay an annual ​$100 ​deductible, and then the policy covers 60​% of the cost of dental work. The first dental insurance claims for a specific year submitted by a person are for two procedures. The first procedure cost ​$700​, and the second procedure cost ​$990. How​ much, in​ total, will he need to pay for these​ procedures?

Solutions

Expert Solution

Answer:

Given,

Annual deductible = 100

First procedure = 700

Second procedure = 990

Total = 100 + 0.60(700+990)

= 100 + 1014

= 1114

So he need to pay 1114 for these procedures.

orchestra answered 2 years ago
Next > < Previous

Related Solutions

With a certain medical insurance​ policy, the customer must first pay an annual ​$100 ​deductible, and...
With a certain medical insurance​ policy, the customer must first pay an annual ​$100 ​deductible, and then the policy covers 80​% of the cost of​ x-rays. The first insurance claims for a specific year submitted by a person are for two​ x-rays. The first​ x-ray cost ​$620​, and the second​ x-ray cost ​$960. How​ much, in​ total, will he need to pay for these​ x-rays?
With a certain medical insurance​ policy, the customer must first pay an annual $350 deductible, and...
With a certain medical insurance​ policy, the customer must first pay an annual $350 deductible, and then the policy covers 80% of the cost of x-rays. The first insurance claims for a specific year submitted by a person are for two x -rays. The first x-ray cost $680 and the second x-ray cost $930. How much, in total, will he need to pay for these x-rays?
An insurance policy has an ordinary deductible of 100 and a maximum covered loss of 10,000....
An insurance policy has an ordinary deductible of 100 and a maximum covered loss of 10,000. You observe the following six payments: 100 200 500 600 1000 5000 In addition, there are three payments at the limit. You fit a single parameter Pareto distribution with θ = 50 to the ground up distribution using maximum likelihood. Determine the estimated parameterα.
Sarah’s comprehensive major medical health insurance plan at work has a deductible of $750. The policy...
Sarah’s comprehensive major medical health insurance plan at work has a deductible of $750. The policy pays 85 percent of any amount above the deductible. While on a hiking trip, she contracted a rare bacterial disease. Her medical costs for treatment, including medicines, tests, and a six-day hospital stay, totaled $8,893. A friend told her that she would have paid less if she had a policy with a stop-loss feature that capped her out-of-pocket expenses at $3,000. The policy with...
Sarah’s comprehensive major medical health insurance plan at work has a deductible of $550. The policy...
Sarah’s comprehensive major medical health insurance plan at work has a deductible of $550. The policy pays 85 percent of any amount above the deductible. While on a hiking trip, she contracted a rare bacterial disease. Her medical costs for treatment, including medicines, tests, and a six-day hospital stay, totaled $9,460. A friend told her that she would have paid less if she had a policy with a stop-loss feature that capped her out-of-pocket expenses at $3,400. The policy with...
Sarah’s comprehensive major medical health insurance plan at work has a deductible of $600. The policy...
Sarah’s comprehensive major medical health insurance plan at work has a deductible of $600. The policy pays 85 percent of any amount above the deductible. While on a hiking trip, she contracted a rare bacterial disease. Her medical costs for treatment, including medicines, tests, and a six-day hospital stay, totaled $9,030. A friend told her that she would have paid less if she had a policy with a stop-loss feature that capped her out-of-pocket expenses at $3,800. The policy with...
1. A health insurance policy pays 60 percent of physical therapycosts after a $100 deductible....
1. A health insurance policy pays 60 percent of physical therapy costs after a $100 deductible. In contrast, an HMO charges $19 per visit for physical therapy. How much would a person save with the HMO if he or she had 10 physical therapy sessions costing $35 each?A: Amount of savings = $2. The Kelleher family has health insurance coverage that pays 80 percent of out-of-hospital expenses after a $500 deductible per person. If one family member has doctor and...
Jessica has an insurance policy that will pay her an annual annuity of $450 at the...
Jessica has an insurance policy that will pay her an annual annuity of $450 at the end of each year for a total of 10 consecutive years. However, the terms of the policy are such that the annuity's first payment will not be made until the end of year 5. Determine the present value of Jessica's policy if the interest rate is 3%.
In 2018, Dave is in an indemnity medical plan with a $1,800 annual deductible and an...
In 2018, Dave is in an indemnity medical plan with a $1,800 annual deductible and an 90/10 split after the deductible. So the Coinsurance is 90% a. On 2/15/2018 Greg injuries his arm and goes to the emergency room. The cost of his visit is $1,500. How much of that bill is Greg’s responsibility? b. On 4/13/2018 Dave falls off a ladder and breaks his leg. His hospital stay costs $9,000. How much of the bill is Dave’s responsibility?
A customer buys a $250,000 life insurance policy with an annual premium of $300. Her probability...
A customer buys a $250,000 life insurance policy with an annual premium of $300. Her probability of dying during the year is 0.001. If she dies, the insurance company will have to give her beneficiary $250,000. a) If there is a 0.001 chance she dies, what is the probability she does not die? b) Fill in the table below, let X= Amount the insurance company makes. X P(X) c) Use a computer or calculator: What is the insurance company’s expected...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT